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USD/JPY Retraces Prior 2 Days’ Advance

USD/JPY Retraces Prior 2 Days’ Advance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-jpy_body_usdjpy.png, USD/JPY Retraces Prior 2 Days’ Advance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDJPY rolled over before the estimated resistance zone of 100.97-101.12. The latter price is where the rally from 98.23 would consist of 2 equal legs. The drop actually brings price closer to support of 98.94. Currently trading in the middle of a choppy range, it’s important to be picky with trading levels. In other words, don’t chase! Focus remains on positioning for a bigger drop but can’t sell into the middle of a range. Estimated resistance for Tuesday is 99.82/92.

FOREXTrading Strategy: Flat

LEVELS: 97.51 98.23 98.94 99.82 100.59 100.97

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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